Citic Group to List in Hong Kong

HONG KONG—China's Citic Group is planning to list in Hong Kong, a move that will give overseas investors access to one of China's largest and most prestigious state-owned companies.

The planned listing, through a multibillion-dollar asset injection into Citic's Hong Kong unit, Citic Pacific Ltd., is a coup for the city's stock exchange. It comes at a time when the decision by Chinese e-commerce firm Alibaba to list in New York is calling into question the exchange's forte as capital-raising venue for China.